The new customer-centric campaign is designed to help both home furniture buyers and electronic retail and corporate buyers fulfill their financial needs with a competitive profit rate of 5.25 per cent. Emax buyers can now purchase any product with a minimum purchase of RO700. Home Center buyers on the other hand need to have a minimum purchase of up to RO1,000.
As part of this year’s personal finance campaign, the bank offers its customers - salaried and self-employed - the best profit rate offered by Islamic banks in the sultanate to purchase furniture, electronics, equipment or other household appliances of their choice from Home Centre and Emax. Customers can finance up to 100 per cent of the items value, with fast approvals and simple documentation.
Commenting on the campaign, Moosa al Jadidi, deputy general manager – head of retail bank, alizz islamic bank, said, “As one of the leading Islamic banks in the sultanate, we are committed to our loyal customers for their commitment and confidence to alizz.”
Jadidi added, “Alizz personal financing will support buyers to purchase their desired merchandise through easy purchasing.”
The personal finance product offered by alizz islamic bank is based on the Islamic principle of ‘Murabaha’ and is approved by Shari'a Supervisory Board. Under the Murabaha, alizz islamic bank purchases at the customer's request the goods from the dealer and sells the same to the customer at an agreed price. The advantage is that the customer knows the bank's profit mark-up and installment at the time of signing the deal, and it never changes throughout the financing term. This arrangement allows for immediate possession and ownership of the goods.